Georgia Power Prices $700M in Junior Subordinated Notes
Ticker: GPJA · Form: 8-K · Filed: Apr 29, 2024 · CIK: 41091
| Field | Detail |
|---|---|
| Company | Georgia Power Co (GPJA) |
| Form Type | 8-K |
| Filed Date | Apr 29, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $5 |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt-issuance, financing, capital-expenditure
Related Tickers: SO
TL;DR
Georgia Power just sold $700M in long-term debt at 7.15% to fund capex.
AI Summary
Georgia Power Company, a subsidiary of Southern Co., announced on April 29, 2024, that it has priced $700 million of its Series 2024 A Junior Subordinated Notes. The notes will mature in 2084 and carry a fixed interest rate of 7.15%. This issuance is part of Georgia Power's ongoing financing activities to support its capital expenditure program.
Why It Matters
This debt issuance by Georgia Power indicates continued investment in its infrastructure and operations, which could impact future electricity rates and service reliability for its customers.
Risk Assessment
Risk Level: medium — Issuing significant long-term debt can increase financial leverage and interest expenses, potentially impacting the company's financial health and ability to meet obligations.
Key Numbers
- $700 million — Junior Subordinated Notes (Amount of debt issued by Georgia Power)
- 7.15% — Interest Rate (Fixed rate on the newly issued notes)
- 2084 — Maturity Year (Year the notes are due)
Key Players & Entities
- Georgia Power Company (company) — Issuer of the notes
- Southern Co. (company) — Parent company of Georgia Power
- $700 million (dollar_amount) — Principal amount of the notes issued
- 2084 (date) — Maturity year of the notes
- 7.15% (dollar_amount) — Fixed interest rate of the notes
- April 29, 2024 (date) — Date of the filing and pricing
FAQ
What is the principal amount of the junior subordinated notes Georgia Power priced?
Georgia Power priced $700 million of its Series 2024 A Junior Subordinated Notes.
What is the maturity date of these newly issued notes?
The notes are due in 2084.
What is the fixed interest rate on the Series 2024 A Junior Subordinated Notes?
The notes carry a fixed interest rate of 7.15%.
Who is the parent company of Georgia Power?
Georgia Power is a subsidiary of Southern Co.
What is the stated purpose for issuing these notes?
The issuance is part of Georgia Power's ongoing financing activities to support its capital expenditure program.
Filing Stats: 533 words · 2 min read · ~2 pages · Grade level 10.5 · Accepted 2024-04-29 06:47:06
Key Financial Figures
- $5 — outhern Company Common Stock, par value $5 per share SO New York Stock Exchange T
Filing Documents
- so-20240429.htm (8-K) — 38KB
- 0000092122-24-000039.txt ( ) — 243KB
- so-20240429.xsd (EX-101.SCH) — 4KB
- so-20240429_def.xml (EX-101.DEF) — 19KB
- so-20240429_lab.xml (EX-101.LAB) — 36KB
- so-20240429_pre.xml (EX-101.PRE) — 20KB
- so-20240429_htm.xml (XML) — 9KB
01 Other Events
Item 8.01 Other Events. On April 29, 2024, Georgia Power Company notified the Georgia Public Service Commission that Plant Vogtle Unit 4 reached commercial operation and has been placed in service.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 29, 2024 THE SOUTHERN COMPANY GEORGIA POWER COMPANY By /s/Melissa K. Caen Melissa K. Caen Assistant Secretary 2